LEC, Inc. (TSE:7874) announced a private placement of 262,000 treasury shares at ¥1,187 per share for gross proceeds of ¥310,994,000 on August 29, 2013. The shares will be issued to Trust & Custory Services Bank, Ltd. by way of third party allocation. The transaction was approved at the board of directors' meeting of the company.

The payment date of the transaction is September 17, 2013. The company does not intend to incur any issuance costs in relation to the transaction.